The U.S. Chamber of Commerce, Business Roundtable, and two other coalitions with dozens of trade associations involved are backing legislation dealing with tariffs in national security situations.
Legislation before Congress would require congressional approval before the president can impose tariffs based on “national security.”
President Donald Trump used that authority to impose tariffs on steel and aluminum imports, and he’s threatened to do the same thing with foreign-made vehicles and imported auto parts.
Similar bills introduced last year to limit that authority didn’t make it through Congress. However, it’s a little more uncertain now that the Democrats control the House of Representatives.
Business groups of all varieties say that the Trump tariffs and retaliatory duties that came from our trading partners in response have hurt American businesses.
They say U.S. industry, farmers, and workers have all suffered financial strain and it’s time for Congress to step up and assert itself when it comes to American trade policy.
Rufus Yerxa, president of the National Foreign Trade Council, says:
“The support of such a broad cross-section of industry, agriculture, and retail groups says a lot about how harmful the steel and aluminum tariffs have been.”
The Bicameral Congressional Trade Authority Act was introduced in both the House and Senate on January 30th, and supporters are still trying to figure out how much interest there is from other lawmakers.